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Report Date : |
22.10.2014 |
IDENTIFICATION DETAILS
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Name : |
CHINT SOLAR (HONG KONG) CO. LTD. |
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Registered Office : |
C/o CWL Secretarial Services Ltd., 50/F., Bank of China Tower, 1
Garden Road, Central |
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Country : |
Hongkong |
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Date of Incorporation : |
09.12.2011 |
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Com. Reg. No.: |
59242340 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Electric Appliances, Electrical
Products, Solar Energy Products. |
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No. of Employees : |
No Employees in Hongkong NOTE : It is to be
noted that the company does not have its own operating office in Hong Kong.
The company uses the address of its secretariat as its correspondence address
only. Subject operates from some other country and does not have a base in
Hong Kong. Such companies are registered in Hong Kong just to tax benefit
purpose and due to the strict privacy laws prevailing in the country. In such
cases, the companies are not required to have any employees in Hong Kong nor
do have an office there. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
No Operating Office in Hongkong |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hongkong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
HONGKONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy,
highly dependent on international trade and finance - the value of goods and
services trade, including the sizable share of re-exports, is about four times
GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on
only four commodities, whether imported or produced locally: hard alcohol,
tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping
laws. Hong Kong's open economy left it exposed to the global economic slowdown
that began in 2008. Although increasing integration with China, through trade,
tourism, and financial links, helped it to make an initial recovery more
quickly than many observers anticipated, its continued reliance on foreign
trade and investment leaves it vulnerable to renewed global financial market
volatility or a slowdown in the global economy. The Hong Kong government is
promoting the Special Administrative Region (SAR) as the site for Chinese
renminbi (RMB) internationalization. Hong Kong residents are allowed to
establish RMB-denominated savings accounts; RMB-denominated corporate and
Chinese government bonds have been issued in Hong Kong; and RMB trade
settlement is allowed. The territory far exceeded the RMB conversion quota set
by Beijing for trade settlements in 2010 due to the growth of earnings from
exports to the mainland. RMB deposits grew to roughly 12% of total system
deposits in Hong Kong by the end of 2013. The government is pursuing efforts to
introduce additional use of RMB in Hong Kong financial markets and is seeking to
expand the RMB quota. The mainland has long been Hong Kong's largest trading
partner, accounting for about half of Hong Kong's total trade by value. Hong
Kong's natural resources are limited, and food and raw materials must be
imported. As a result of China's easing of travel restrictions, the number of
mainland tourists to the territory has surged from 4.5 million in 2001 to 34.9
million in 2012, outnumbering visitors from all other countries combined. Hong
Kong has also established itself as the premier stock market for Chinese firms
seeking to list abroad. In 2012 mainland Chinese companies constituted about
46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for
about 57.4% of the Exchange's market capitalization. During the past decade, as
Hong Kong's manufacturing industry moved to the mainland, its service industry
has grown rapidly. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. Lower and middle income segments of the population are
increasingly unable to afford adequate housing. Hong Kong continues to link its
currency closely to the US dollar, maintaining an arrangement established in
1983. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
CHINT SOLAR (HONG KONG) CO. LTD.
ADDRESS: C/o CWL Secretarial Services
Ltd.
50/F., Bank of China Tower, 1 Garden Road, Central, Hong Kong.
PHONE: 852-2521 0880
FAX: 852-2521 0220
E-MAIL: info@cwl-partners.com
Managing Director: Mr.
Lu Chuan
Incorporated on: 9th December, 2011.
Organization: Private
Limited Company.
Capital: Nominal:
US$100,000.00
Issued: US$1.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
Nil.
Main Dealing Banker: Citi Bank China Co. Ltd., China.
Banking Relation Good.
Registered
Office:-
C/o CWL Secretarial Services Ltd.
50/F., Bank of China Tower, 1 Garden Road,
Central, Hong Kong.
Holding
Company:-
Astronergy Holdings (Hong Kong) Co. Ltd.,
Hong Kong.
Associated
Companies:-
Astronergy GmbH, Germany.
Astronergy Solar Inc., US.
Astronergy Solar India Pvt. Ltd., India.
Astronergy Solar Korea Co. Ltd., South
Korea.
Astronergy Solar Thailand Co. Ltd.,
Thailand.
Chint Electricos America do Sul Ltda.,
Brazil.
Chint Electrics (Hong Kong) Ltd., Hong Kong.
Chint Electrics Europe, S.r.l., Italy.
Chint Energy SLU, Spain.
Chint Group Corporation, China.
Chint Solar (Zhejiang) Co. Ltd., China.
Chint Solar Hispania S.L., Spain.
Chint West Asia & Africa FZE, UAE.
Koyo Astro Co. Ltd., Japan.
Noark Electric (Shanghai) Co. Ltd., China.
Noark International Investment (Hong Kong)
Co. Ltd., Hong Kong.
OOO Chint Electric, Russia.
Shanghai Chint Power Systems Co. Ltd.,
China.
Shanghai Xin Hua Control Technology (Group)
Co. Ltd., China.
Zhejiang Chint Control Engineering Co. Ltd.,
China.
Zhejiang Chint Electrics Co. Ltd., China.
Zhejiang Chint Instrument & Meter Co.
Ltd., China.
59242340
1688924
Managing Director: Mr. Lu Chuan
Nominal Share Capital: US$100,000.00 (Divided
into 100,000 shares of US$1.00 each)
Issued Share Capital: US$1.00
(As
per registry dated 09-12-2013)
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Name |
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No. of share |
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Astronergy Holdings (Hong Kong) Co. Ltd.,
Hong Kong. |
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1 = |
(As per
registry dated 09-12-2013)
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Name (Nationality) |
Address |
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LU Chuan |
Room 502, No. 9, Lane 1999, Hami Road,
Changning District, Shanghai, China. |
(As
per registry dated 09-12-2013)
|
Name |
Address |
Co. No. |
|
CWL Secretarial Services Ltd. |
50/F., Bank of China Tower, 1 Garden Road,
Central, Hong Kong. |
1470762 |
The subject was incorporated on 9th
December, 2011 as a private limited liability company under the Hong Kong
Companies Ordinance.
Originally the subject was registered under
the name of Astronergy Solar International Trading Ltd., name changed to the
present style on 17th February, 2012.
Apart from these, neither material change
nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Electric
Appliances, Electrical Products, Solar Energy Products
Employees: Nil
Commodities Imported: China
Markets: Europe,
North America, other Asian countries, etc.
Terms/Sales:
As per contracted.
Terms/Buying: Prepayment,
L/C, etc.
Nominal Share Capital: US$100,000.00
(Divided into 100,000 shares of US$1.00 each)
Issued Share Capital: US$1.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business
is not active in Hong Kong.
Facilities: Making
fairly active use of general banking facilities.
Payment:
Unknown
Commercial Morality: Satisfactory.
Bankers:-
Citi Bank China
Co. Ltd., China.
Bank of China
(Hong Kong) Ltd., Hong Kong.
Standing:
Small.
Having issued just 1 ordinary share of
US$1.00, Chint Solar (Hong Kong) Co. Ltd. is wholly owned by Astronergy
Holdings (Hong Kong) Co. Ltd. which is a Hong Kong-registered firm.
The director of the subject Lu Chuan is a
China merchant. He is a China passport
holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject does not have its own operating
office. Its registered office is in a
commercial service firm located at 50/F., Bank of China Tower, 1 Garden Road,
Central, Hong Kong known as CWL Secretarial Services Ltd. [CWL] which is
handling its correspondences and documents.
CWL is also the corporate secretary of the subject.
The subject has no employees in Hong
Kong. It belongs to the Chint Group
which is in China. It has had a main
associated company in China known as Chint Solar (Zhejiang) Co. Ltd. [Chint
Solar Zhejiang]. Chint Solar is also a
subsidiary of the Chint Group. Your
given phone and fax number
86-571-5603 2340 and 86-571-5603 2383 respectively belong to Chint Solar
Zhejiang.
Founded in 1984, Chint Group has developed
to be the leader in Chinese industrial electrical equipment production and
clean energy fields.
Chint has a total assets of over US$30
billion and 29,000 employees.
Business of Chint ranges from low-voltage electrical products to power
transmission and distribution equipments and services, instruments &
meters, building appliances, automobile parts, industrial automation, PV power
generation, equipment manufacturing, etc.
Chint is also the largest clean energy supplier and energy efficiency
management solution provider with the most complete product ranges in China. Its products have found ready markets in more
than 100 countries and regions, including Europe, Asia, the Middle East,
Africa, etc.
Chint has been in the list of China’s Top
500 Private Enterprises in comprehensive strength and has been ranking the
first among all manufacturing enterprises in Wenzhou City, Zhejiang Province,
for a number of consecutive years in amount of tax payment.
Zhejiang Chint Electrics Co. Ltd., a
subsidiary of the Group and a listed firm in Shanghai, is the largest company
in terms of production and sales volume in the low-voltage electrical products
in China as well as the first listed company specialized in low-voltage
apparatus on Shanghai A Stock Market.
According to the Global Challengers research report published by Boston
Consulting Group, Chint is one of the 33 Chinese enterprises that are most
likely to change the global industry pattern and challenge the multinational
companies. Zhejiang Chint Electrics Co.,
Ltd. provides customers with power distribution devices, terminal devices,
control devices, power supply devices, electronic devices, instrumentation,
construction electrical devices and control systems, including circuit
breakers, contactors, power relay, transformers, regulators, isolating
switches, transfer switches and welding devices. It distributes its products in domestic and
overseas markets, with East China as its major market.
Chint, among its counterparts, was the first
to get the ISO9001 Quality System Certification, ISO14001 Environment System
Certification and OHSAS18001 Occupation Health Safety Management System
Certification, and also has got the other certifications, including China
Compulsory Certification (CCC), International CB Safety Certification, America
UL Certification, Finland FI Certification, Belgium CEBEC Certification, Netherlands
KEMA Certification, Germany VDE Certification, etc. Currently, the Group claims having more than
1,000 Chinese and international patents, and has led the formulation and
revision of tens of industry standards.
Chint is specialised in researching and
developing plasma enhanced chemical vapour deposition (PECVD) equipment,
China’s first thin-film solar cell manufacturing equipment representing the
international advanced level, was deemed to have achieved the “zero
breakthrough” of China in clean energy top-end equipment field.
Now Chint Group has set up associated
companies in Spain, the United States, Germany, South Korea, Japan, etc.
Chint Solar is significant for its
Crystalline Series and Thin Film Series, BOS Components, PV System Solution,
etc. It has been equipped with
state-of-the-art production lines producing solar cells from high quality
silicon wafers and assemble these cells into solar modules of varying
dimensions. It offers customers with a
wide range of efficient and reliable monocrystalline PV modules with output
ranging from 85W-310W and applicable to a wide array of photovoltaic
projects. Its polycrystalline modules
have output ranging from 130W-295W. The subject
is trading in the same commodities.
In August 2014, the Group set up Astronergy
Solar Module GmbH’s fifth production line in Germany. In 2013, Astronergy Holdings acquired
Conergy’s Frankfurt Oder PV Module Factory to accelerate its worldwide
production.
Lu Chuan is also the Vice President and
Board Secretary of Chint Solar.
Supported by the Chint Group, the subject’s
business in Hong Kong is not active.
History in Hong Kong is just over two years and ten months.
Since the subject does not have its own
operating office and has no employees in Hong Kong, consider it good for
business engagements on L/C basis or in small credit amounts.
NOTE :
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.30 |
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|
1 |
Rs.99.16 |
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Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.